If you recently started or plan to start a business in Wyoming or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Wyoming.
Obtaining a Tax ID Number (EIN)
When starting a business in Wyoming, serving as the administrator or executor of an estate, creator of a Trust or operating a Non Profit Organization obtaining a Tax ID (EIN) is a key responsibility. A Tax ID also known as an Employer ID Number (EIN) is a unique nine digit number that identifies your business or entity with the IRS for tax purposes, essentially like a Social Security Number for the entity. A Tax ID (EIN) is used for opening a
business bank account, filing business tax returns and in many cases is required when applying for business licenses. In most cases it is helpful to apply for a Tax ID (EIN) as soon as your start planning a business to ensure that there are no delays in obtaining the correct licenses, financing and opening a business bank account that would be needed to operate.
Information to Consider Prior to Applying
Before applying for your Tax ID (EIN) you may want to consider a few things before starting the application including:
- Determine which structure your business or organization will operate as
- Determine the individual or organization that will serve as the responsible party
- Determine the physical address the business/entity will use – A physical address is required for all Tax ID (EIN)’s and a separate mailing address can be specified
Definition of Entities
- Sole Proprietor – An individual who owns a company that is not incorporated or registered with the state as a limited liability company (LLC).
- Limited Liability Company (LLC) – A LLC is a structure formed by filing articles of organization which allows members limited liability protection and pass through taxation.
- Corporation – A person or group of people who establish a legal entity by filing articles of incorporation with the state’s secretary of state.
- Estate of Deceased – An estate (or decedent estate) or succession is a legal entity created as a result of a person’s death.
- Trusts – All types of trusts including conservatorships, custodianships, guardianships, irrevocable trusts, revocable trusts, and receiverships.
- Partnership – An unincorporated organization in which two or more individuals share the profits and liabilities of a business venture.
- Church – For tax purposes, a “church” refers to any organization claiming to be a church including temples, mosques, and other houses of worship.
- Non-Profit Organization – Includes public charities, educational organizations, PTA/PTO Organizations, Community Sports Teams, Homeowners/Condo Associates, etc.
Wyoming State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Wyoming you will also likely need a Wyoming State Tax ID. This ID is needed to pay business taxes, state income tax and/or sales tax on items you sell. Generally the State Tax ID is used for the follow:
- Sales and Use Tax
- Employee Income Tax Witholding
- Sales Tax Exemption Permits
- Excise Taxes for items like Alcohol, Tobacco, Firearms, Oil & Gas, heavy machinery, etc.
For specific detail refer to the Wyoming State Website at http://revenue.wyo.gov/home
Cities in Wyoming
- Cheyenne, WY
- Rock Springs, WY
- Casper, WY
- Sheridan, WY
- Riverton, WY
- Gillette, WY
- Jackson, WY
- Cody, WY
- Evanston, WY
- Lander, WY
- Green River, WY
- Powell, WY
- Torrington, WY
- Douglas, WY
- Rawlins, WY
- Worland, WY
- Buffalo, WY
- Wheatland, WY
- Newcastle, WY
- Pinedale, WY
- Thermopolis, WY
- Afton, WY
- Glenrock, WY
- Evansville, WY
- Lyman, WY
- Wilson, WY
- Lovell, WY
- Big Piney, WY
- Kemmerer, WY
- Moorcroft, WY
- Thayne, WY
- Greybull, WY
- Saratoga, WY
- Sundance, WY
- Wright, WY
- Lusk, WY
- Dubois, WY
- Mountain View, WY
- Rozet, WY
- Basin, WY
- Fort Washakie, WY
- Pine Bluffs, WY
- Alpine, WY
- Upton, WY
- Burns, WY
- Guernsey, WY
- Ranchester, WY
- Etna, WY